NEW YORK, May 23, 2011 – FSAStore.com, the only one-stop shop stocked exclusively with Flexible Spending Account eligibleproducts and services, today announced it has closed $800K in Series A financing. The round was led by Point Judith Capital with the Columbia Business School Lang Fund, Opal Moon, LLC and other angels participating.
The funds will be used to roll-out sales and marketing initiatives to further FSAStore.com’s founding principle which is to make it simple and convenient for the 35 million Americans covered by a flexible spending account to use their tax-free, use-it-or-lose-it dollars. In addition to site enhancements, the funding will support sales initiatives designed to develop the company’s fast growing Third Party Administrator (TPA) partnership programs.
“We are thrilled to have Point Judith Capital as our new venture capital partner and look forward to rolling out initiatives that will further our success,” said Jeremy Miller, FSAStore.com founder and president.
“FSAStore.com fulfills an unmet need in the healthcare industry,” said David Martirano, General Partner at Point Judith Capital. “This coupled with its TPA network which provides direct marketing access to virtually all FSA-covered consumers makes FSAStore.com a winning proposition.”
FSAStore.com is the only one-stop-ecommerce site exclusively stocked with FSA eligible products and services so there are no guessing games about what is and isn’t reimbursable by an FSA. In addition to more than four thousand FSA-eligible productsthe site offers a national provider database of FSA eligible services and an FSA Learning Center. FSAStore.com accepts all FSA debit and major credit cards, offers 24/7 customer service, one-to-two-day turnaround and free shipping on orders $50+ and there is no need to submit receipts when using an FSA debit card.
About Point Judith Capital
Point Judith Capital (PJC) is a leading, next-generation, early stage venture capital firm based in Providence, Rhode Island. The firm focuses on three rapidly growing sectors that are rich with innovation: Clean Technology, Internet Technology, and Healthcare Technology. Building positive and collaborative relationships with portfolio company management, the Point Judith Capital Partners take a hands-on approach to investing. PJC’s investment approach is based on the core belief that with the right capital and support, great entrepreneurs can build market-leading companies. For more information about Point Judith Capital visit www.pointjudithcapital.com.
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